Spain’s richest man buys emblematic buildings

BANESTO PREMISES: One of the latest purchases by Amancio Ortega

SPAIN’s richest person, Amancio Ortega, has expanded his property portfolio by buying two emblematic buildings in Barcelona and Valencia.

The co-founder of clothing giant Inditex has bought the former headquarters of Banesto bank on Barcelona’s Plaza de Cataluña, and a building in Calle Colon in Valencia.

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Both buildings serve as premises for two stores selling devices from computer giant Apple Inc, otherwise known as Apple Store.

Coincidentally, or maybe not, Amancio Ortega also bought a building hosting an Apple Store in Paris’ Carrousel du Louvre.

Ortega bought his Barcelona building to Sareb, a company responsible for managing assets transferred by the four nationalized Spanish financial institutions, for €44 million.

A bargain if taking into account that Madrid-based real estate Monteverde bought it for €110 million in 2006.

For his Valencia building, located opposite a El Corte Ingles department store and next to several of his own clothes shops downtown Valencia, Ortega paid a reported €23.5 million.

The third richest man in the world with an estimated fortune of €47.7 billion, Amancio Ortega is said to have been interested in expanding his property assets in Valencia for months.

In recent months, he bought a 5,200 m2 commercial and office building in New York for €70 million, as well as the Devonshire House building in London’s West End for £400 million (€480 million).


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